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These simulate a specific type of medieval tournament. Certainly there were tournaments with rules sets fairly close to what Battle of the Nations does but it does not simulate medieval warfare. A fair analogy would be a comparison between a martial sport like boxing and an all out street brawl.

All martial sports are an artefact of their rules sets (and Battle of the Nations has a lot of rules) and not an accurate reconstruction of combat. Anybody who claims that their sport is 'purer' or 'realistic' is kidding themselves, be they Battle of the Nations, Boxing, Fencing, HEMA, MMA, SCA or Judo. True combat arts can only be trained and simulated (or used for real), to use them involves killing or seriously injuring your opponent/training partner/friend which you can't do in any competitive system.

That being said all martial sports contain elements of real combat and are the closest we can get to actually learning and using real techniques and something like Battle of the Nations has genuine insights into medieval combat. It has the specific virtue that it fairly accurately simulates a real medieval tournament, which was generally viewed as good training for real war. In addition, it is fairly entertaining to watch :)